DDM Analysis: 002710.KS

Valuation Snapshot

Stable Growth	$2,455.83 - $7,464.38	$3,908.41
Multi-Stage	$2,189.33 - $2,397.89	$2,291.68
Blended Fair Value	$3,100.04
Current Price	$15,840.00
Upside	-80.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.68%	9.92%	27.19	40.59	44.36	6.25	10.02	21.64	0.00	0.00	0.00	11.19
YoY Growth	-	-	-33.00%	-8.50%	609.61%	-37.59%	-53.71%	0.00%	0.00%	0.00%	-100.00%	6.00%
Dividend Yield	-	-	0.13%	0.07%	0.19%	0.06%	0.22%	1.55%	0.00%	0.00%	0.00%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,613.64
(-) Cash Dividends Paid (M)	2,621.37
(=) Cash Retained (M)	4,992.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,522.73	951.70	571.02
Cash Retained (M)	4,992.27	4,992.27	4,992.27
(-) Cash Required (M)	-1,522.73	-951.70	-571.02
(=) Excess Retained (M)	3,469.54	4,040.56	4,421.25
(/) Shares Outstanding (M)	78.88	78.88	78.88
(=) Excess Retained per Share	43.98	51.22	56.05
LTM Dividend per Share	33.23	33.23	33.23
(+) Excess Retained per Share	43.98	51.22	56.05
(=) Adjusted Dividend	77.22	84.45	89.28
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	3.89%	4.89%	5.89%
Fair Value	$2,455.83	$3,908.41	$7,464.38
Upside / Downside	-84.50%	-75.33%	-52.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,613.64	7,986.13	8,376.85	8,786.68	9,216.56	9,667.47	9,957.50
Payout Ratio	34.43%	45.54%	56.66%	67.77%	78.89%	90.00%	92.50%
Projected Dividends (M)	2,621.37	3,637.20	4,746.15	5,954.90	7,270.57	8,700.73	9,210.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.16%	7.16%	7.16%
Growth Rate	3.89%	4.89%	5.89%
Year 1 PV (M)	3,361.85	3,394.21	3,426.57
Year 2 PV (M)	4,054.75	4,133.18	4,212.36
Year 3 PV (M)	4,702.28	4,839.37	4,979.10
Year 4 PV (M)	5,306.56	5,513.84	5,727.13
Year 5 PV (M)	5,869.63	6,157.61	6,456.78
PV of Terminal Value (M)	149,402.59	156,732.60	164,347.53
Equity Value (M)	172,697.66	180,770.81	189,149.47
Shares Outstanding (M)	78.88	78.88	78.88
Fair Value	$2,189.33	$2,291.68	$2,397.89
Upside / Downside	-86.18%	-85.53%	-84.86%

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WINA	Winmark Corporation	2.68%	$10.76	96.24%
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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
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MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

Financial Statements

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Sector

TCC Steel Corp. (002710.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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